Community Development and Affairs

Community affairs programs help meet the needs of a community by encouraging financial institutions to develop strategies to invest in the communities they serve.

  • Alliance for Economic Inclusion (AEI)- Reaching the Unbanked and Underserved Across America
  • Bank on California - The Bank On California initiative helps Californians open a bank or credit union account and start saving for the future. California is lauded as the first state in the nation to launch the initiative seeking to guide the unbanked into the financial mainstream.
  • California Financial Literacy Month (CAFLM) - April has been designated California Financial Literacy Month (CAFLM) to highlight the importance of financial literacy and economic empowerment and to encourage all Californians to increase their understanding of saving, investing and credit choices. As a statewide public awareness effort, CAFLM is an opportunity for businesses and organizations to highlight their current financial literacy efforts or become involved in this important effort to make financial literacy education a priority. Locate resources including financial education programs for all ages and tools to help you participate in California Financial Literacy Month.
  • Center for Community Development Investments - The Center is dedicated to innovations in research and practice that increase the flow of investment capital to low- and moderate-income communities.
  • Community Development at the FRBSF - From affordable housing to "banking the unbanked;" community development issues and initiatives.
  • Community Development - Calendar of Upcoming Events
  • Community Investments newsletter (FRB) - Spring 2008 Issue - This issue highlights the San Francisco Fed's role in community development efforts taking place in the 12th District, including programs to help bank the unbanked, prevent foreclosures, and provide mortgage credit in Indian Country.
  • CDFI Fund Programs

    Bank Enterprise Awards Program - Through the Bank Enterprise Award (BEA) Program, the CDFI Fund supports financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the Funds dollars and puts more capital to work in distressed communities throughout the nation.

    Community Development Financial Institutions Program - Through the Community Development Financial Institutions (CDFI) Program, the Fund uses federal resources to invest in and build the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The Fund provides monetary awards for financial assistance (FA) and technical assistance (TA) through the CDFI Program.

    New Markets Tax Credits - The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. The credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually.

    Native American Initiatives Program - In September 1994, Congress mandated that the CDFI Fund conduct a study of lending and investment practices on Indian reservations and other lands held in trust by the United States. Specifically, Congress mandated that the study identify barriers to private financing, identify the impact of such barriers on access to capital and to credit for Native peoples, and provide options to address these barriers. Since the November 2001 release of its Native American Lending Study, the CDFI Fund has embarked on a number of initiatives designed to overcome barriers preventing access to credit, capital and financial services in Native American, Alaska Native and Native Hawaiian communities (collectively referred to as "Native Communities"). Through these initiatives, the CDFI Fund provides direct monetary awards and training (through contractors) aimed at increasing the number and capacity of existing or new CDFIs serving Native Communities.

  • Community Investments Magazine (FRBSF)
  • The Economy – Crisis and Response from FRBSF
  • FDIC Economic Inclusion Web site The FDIC launched a new website recently that highlights their economic inclusion initiatives in one place, including the Advisory Committee on Economic Inclusion, AEI initiatives and the Money Smart program.  It also features the FDIC’s national survey of unbanked and underbanked households (the Census Bureau conducted the survey as a supplement to their Current Population Survey January 2009) with easy access to data at the national, state and MSA levels. I think we all will find it useful in our outreach initiatives this year.
  • Foreclosure Mitigation Resource Center (FRBSF) - Information on the Federal Reserve's efforts to mitigate the impact of foreclosures, including local data presentations and research reports.
  • Keep Your Home California - Foreclosure prevention funded by the Federal government. California’s programs, which are collectively called Keep Your Home California, were developed in collaboration with numerous community partners, foreclosure counselors, housing advocates and others directly involved in helping struggling homeowners.
  • Low Income Credit Unions

    National Credit Union Administration (NCUA) is an independent federal agency that supervises and insures over 6,500 federal credit unions and insures more than 4,000 state-chartered credit unions. Over 800 of these entities have been designated as "low-income" credit unions in that they serve primarily low-income members in distressed and financially underserved areas. NCUA manages a Revolving Loan Fund and provides technical assistance grants to low-income designated credit unions. Low income credit unions can receive capital treatment for secondary capital loans . NCUA's Reseach Credit Union webpage allows for a search of all low-income credit unions.

    National Federation of Community Development Credit Unions (NFCDCU) helps community development credit unions (CDCUs) provide affordable loans, secure savings, basic financial education and other vital services to low-income and minority consumers. NFCDCU serves as an intermediary for banks and thrifts interested in making deposits in CDCUs. http://www.cdcu.coop/

  • Making Home Affordable - A free federal government program designed to help homeowners struggling to make their mortgage payments. It helps homeowners get mortgage relief and avoid foreclosure.
  • National Survey of Banks' Efforts to Serve the Unbanked and Underbanked
  • Partnership for Progress - Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment.
  • Success Measures Data System(SMDS), NeighborWorks America